HC Wainwright Lowers CASI Pharmaceuticals (NASDAQ:CASI) Price Target to $4.00

CASI Pharmaceuticals (NASDAQ:CASI) had its target price dropped by equities researchers at HC Wainwright from $6.00 to $4.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential upside of 109.42% from the company’s previous close.

Separately, StockNews.com initiated coverage on shares of CASI Pharmaceuticals in a report on Friday, April 4th. They set a “hold” rating on the stock.

CASI Pharmaceuticals Trading Down 9.5 %

Shares of CASI stock opened at $1.91 on Wednesday. CASI Pharmaceuticals has a twelve month low of $1.88 and a twelve month high of $7.67. The stock’s fifty day simple moving average is $2.28 and its 200 day simple moving average is $3.54. The company has a quick ratio of 2.32, a current ratio of 3.20 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $23.49 million, a P/E ratio of -0.86 and a beta of 0.66.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its quarterly earnings results on Monday, March 31st. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.19). CASI Pharmaceuticals had a negative net margin of 143.18% and a negative return on equity of 181.52%. The firm had revenue of $13.36 million for the quarter, compared to analyst estimates of $7.39 million.

Institutional Inflows and Outflows

An institutional investor recently raised its position in CASI Pharmaceuticals stock. Woodline Partners LP raised its stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 226.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,690 shares of the biotechnology company’s stock after buying an additional 69,158 shares during the period. Woodline Partners LP owned about 0.64% of CASI Pharmaceuticals worth $282,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 22.23% of the company’s stock.

CASI Pharmaceuticals Company Profile

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in the People's Republic of China, the United States, and internationally. It offers EVOMELA, an intravenous formulation of melphalan for use as a conditioning treatment prior to stem cell transplantation, and as a palliative treatment for patients with multiple myeloma.